Smurfit files for bankruptcy

Smurfit-Stone Container Corp., the largest producer of cardboard box materials in North America, on Monday filed for Chapter 11 bankruptcy protection as it looked to restructure a heavy debt amid a credit freeze.

The Chicago company, which employs nearly 22,000 people working at about 150 facilities across North America and in Asia, said it filed for protection from creditor claims in U.S. Bankruptcy Court in Wilmington, Del.

Smurfit-Stone has been struggling to repay its debt, which at the end of the third quarter was $3.5 billion -- nearly half its yearly revenue of roughly $7.5 billion.

The firm said it expected to continue operations during the bankruptcy process and had received commitments for as much as $750 million in debtor-in-possession financing to fund continuing operations.